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Corporate Groups
(2014-09-22)
This paper contrasts the recent European initiatives on regulating corporate groups with alternative approaches to the phenomenon. In doing so it pays particular regard to the German codified law on corporate groups as the ...
The Limits of Model-Based Regulation
(2014-11-30)
In this paper, we investigate how the introduction of complex, model-based capital regulation affected credit risk of financial institutions. Model-based regulation was meant to enhance the stability of the financial sector ...
Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens?
(2015-02-23)
Since the mid-1990s, countries offering tax systems that facilitate international tax avoidance and evasion have been facing growing political pressure to comply with the internationally agreed standards of exchange of tax ...
Non-Mandatory Say on Pay Votes and AGM Participation: Evidence from Germany
(2015-06-01)
Since August 2009, German legislation allows for voluntary Say on Pay Votes (SoPV) during Annual General Meetings (AGMs). We examine 1,169 AGMs of all German listed firms with more than 10,000 agenda items over the period ...
The Influence of Leveraged Buyouts on Target Firms’ Competitors
(2015-04-01)
This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies’ direct competitors. A unique and hand-collected data set on LBOs in the United States in the period ...
Taking the Lead: When Non-Banks Arrange Syndicated Loans
(2015-04-01)
In the mid-1990s, institutional investors entered the syndicated loan market and started to serve borrowers as lead arrangers. Why are non-banks able to compete for this role against banks? How do the composition of ...
On the Impact of Leveraged Buyouts on Bank Systemic Risk
(2015-04-01)
Although banks are at the center of systemic risk, there are other institutions that contribute to it. With the publication of the leveraged lending guideline in March 2013, the U.S. regulators show that they are especially ...
Informal Sector and Economic Development: The Credit Supply Channel
(2015-05-01)
The standard view suggests that removing barriers to entry and improving judicial enforcement reduces informality and boosts investment and growth. However, a general equilibrium approach shows that this conclusion may ...
Does Say on Pay Matter? Evidence from Germany
(2017-09-13)
We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay ...
The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs
(2016-01-18)
We investigate the impact of social networks on earnings using a dataset of over 20,000 senior executives of European and US firms. The size of an individual's network of influential former colleagues has a large positive ...